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Modi invites Russian industry to invest in India

Press Trust of India  |  Moscow 

Prime Minister Narendra Modi and President of the Russian Federation Vladimir Putin arrive for a meeting with Russian and Indian CEOs in Kremlin, Moscow on Thursday
Prime Minister Narendra Modi and President of the Russian Federation Vladimir Putin arrive for a meeting with Russian and Indian CEOs in Kremlin, Moscow on Thursday

Hardselling India as an attractive business destination, Prime Minister Narendra Modi on Thursday invited Russian chief executive officers (CEOs) to invest in sectors like aerospace, infrastructure and diamond, and said his government has created a favourable environment to boost economic growth.

He said India’s gross domestic product has clocked an impressive 7.4 per cent growth and the World Bank and International Monetary Fund (IMF) and other international agencies have projected this growth momentum to continue.

Addressing a CEO forum here along with Russian President Vladimir Putin, Modi said his government was committed to a fair taxation regime and the efforts towards improving the ease of doing business would go on. He said various indices of the economy, including the current account deficit (CAD) and flow of foreign direct investment, have been impressive and the aim of his government was to make India a global manufacturing hub.

“We are working towards ensuring best possible infrastructure in India... because of efforts of our government the economy has witnessed sustained growth,” he said, adding “we are committed to ensure a stable and transparent taxation regime.”

Modi said Russia can take advantage of Make in India initiative which would help the economies of both the countries.

Later addressing a Friends of India event here, he said some people only talk about problems while his government was trying to resolve them. “There are some people who all the time are engaged in counting problems and keep lamenting about them while there are some others who try to find solutions to the problems,” he said.

Asserting that India was making attempts to resolve these problems, he said ,”results in this direction are now showing up”.

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First Published: Fri, December 25 2015. 00:33 IST